The current stock price of Mullen Automotive, Inc. (NASDAQ: MULN), headquartered in Irvine, California, has been subject to significant volatility in recent months. After a reverse division of shares, the value of MULN shares managed to exceed the 1 dollar mark. However, it subsequently fell below 1 dollar, experiencing significant sales pressure
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Table of Contents:
MULN Equity Performance
- Last Month: -50.0%
- Last 6 Months: -98,6%
- Last Year: -99.4%
The stock is highly volatile and primarily intended for speculative trading.
MULN Stock Price Forecasts
Current Projections
UTC: November 20, 2023, 06:05 AM
- 24 Hour Forecast: Between $0.180 and $0.200
- Weekly Forecast: Between $0.176 and $0.203
UTC: November 20, 2023, 12:11 AM
Long-Term Analysis of MULN Stocks (2023-2027)
- 2023 Forecast: $0.192
- 2024 forecast: $0.294
- 2025 forecast: $0.709
- 2026 forecast: $1.46
- 2027 Forecast: $2.26
Mullen Automotive Electric Vehicle Production Updates
Mullen Automotive provided an update on commercial vehicle production as of October 16, 2023. The company confirms its commitment to producing 150 class 3 light electric trucks by the end of the year. The production and delivery of Class 1 light electric vans is expected to begin in the fourth quarter
of 2023.
Latest Mullen Automotive News
Mullen Automotive’s share price is falling to an all-time low while the company proceeds with another reverse stock split. MULN stock fell below $0.20 after closing 12% lower in the last trading session. The company previously implemented two reverse stock divisions, but due to the massive sale, MULN was unable to keep the price
above $1.
Additionally, Mullen Automotive has obtained approval from the Environmental Protection Agency (“EPA”) for Class 1 electric cargo vans starting November 2, 2023.
Possible Start of a Reverse Share Division by Mullen
On October 26, 2023, Mullen Automotive received approval from the Nasdaq Hearings Panel to maintain its listing on the Nasdaq Capital Market, subject to specific conditions being met. The company must ensure that the closing price of the stock maintains at least $1 per share for 20 consecutive days by January 22, 2024
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Mullen of 5.7 Million Shares
By October 31, 2023, Mullen successfully repurchased 5.7 million common shares as part of the $25 million buyback program initiated on August 16, 2023. The program is authorized to continue until December 31, 2023.
MULN Third Quarter 2023 Financial Results
In the third quarter of 2023, Mullen Automotive reported revenues of $0.0 million, with a net loss of $308.8 million. The company, still pre-revenue, has progressed in the production of electric vehicles, with the production of class 3 trucks starting in June 2023 and deliveries scheduled for
September 2023.
Why Is MULN Collapsing?
Mullen Automotive has seen its shares plummet in recent months for several reasons, including:
- Share dilution: Mullen issued new shares quickly to raise cash, diluting the value of existing shares.
- Absence of Revenue and Profit: Mullen is still a pre-revenue company, with no significant revenue from sales and with a history of losses.
- Management Concerns: Some investors have raised concerns about Mullen’s management team, which has a history of missed deadlines and broken promises.
- Negative Investor Sentiment: Mullen is a penny stock, subject to higher volatility than larger stocks and more exposed to scam schemes.
Will MULN reach 1 Dollar?
It’s possible that MULN will reach 1 dollar, but it’s not guaranteed. The company faces several challenges, including stock dilution, the absence of revenues and profits, management concerns, and negative investor sentiment
.
Is MULN a Good Investment?
There are reasons why investors might consider buying shares in Mullen Automotive:
- Growth Potential: The electric vehicle market is set to grow rapidly, and Mullen is well positioned to capitalize on this trend.
- Low Stock Price: Mullen’s current stock price is very low, potentially good value for investors willing to take some risk.
- Constant Flow of Positive News: Mullen has generated positive news recently, such as the announcement of a partnership with VanEck for the development of an ETF on EVs.
MULN Stock Forecast Conclusions
Mullen Automotive is still a pre-revenue company with limited financial resources. The future of MULN seems uncertain in 2023, with significant challenges and a fragile economic environment. Investors should carefully weigh the risks before considering buying MULN shares
.
Mullen Automotive’s Key Competitors
Mullen has two lines of business:
- Electric Car Construction: The company is still under development, but major competitors include Tesla, Ford, Lucid, Nio, Rivian, and Cenntro.
- Car Sales Activities: Including Car Hub, an AI platform for buying and selling cars.
Mullen Automotive’s Major Shareholders
BlackRock Inc. holds 5.16% of the company, while Vanguard Group Inc. owns 4.44% of Mullen. Other shareholders include State Street Corp (0.74%), Bank of New York Mellon Corp (0.28%), Bank of New York Mellon Corp (0.28%), and Two Sigma Investments LP (0.26%)
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